Seattle Benefit Trends

As part of the 2013 Aflac WorkForces Report, 87 respondents were employers based in Seattle, and 160 of respondents were employees working in Seattle; key findings are:

Offering robust benefits while staying within budget/cost constraints is a top benefits challenge for 49% of Seattle businesses. Understanding the changing health care landscape is second-largest benefits challenge for 26% of Seattle businesses.

Nearly three-quarters (74%) of employees in Seattle say they have not heard of the phrase “Consumer Driven Health Care”; and only 7% understand the concept of Consumer Driven Health Care extremely well.

83% of Seattle employees say they are not very/not at all knowledgeable about State and Federal Exchanges.

49% of employees in Seattle at least somewhat agree that “I would prefer not to be more in control over my health care expenses and options because I will not have the time or knowledge to effectively manage it.”

Additionally, 52% of employees agree “I believe I may not adequately manage my health insurance coverage, leaving my family less protected than we currently are.”

61% of Seattle businesses use a broker or benefits consultant to help determine benefits options, which falls in line with 61% of companies overall.

Thinking of my company’s major medical/healthcare plans, we plan to implement the following in the coming year…

Seattle Company Benefits Offerings At-A-Glance

Which of the following benefits does your company offer?

The Role of Benefits in Key HR Outcomes

Talent Attraction

63% of Seattle employees say they are at least somewhat likely to accept a job offer with slightly lower compensation, but better benefits.

89% of workers say a benefits package is important to their willingness to refer a friend to their organization.

Satisfaction

Only 9% of workers in Seattle say they are extremely satisfied with their overall benefits package.

When employees are offered voluntary insurance they are much more likely to say their current benefits package meets their needs extremely/very well (60%), compared to those not offered voluntary benefits options (45%).

Employee Well-being

33% of workers say their current benefits package only meets their family’s needs somewhat, and 11% say their benefits package does not meet their needs.

When asked if they feel fully protected by their current insurance coverage, 55% of employees in Seattle say they only somewhat agree, and 22% say they strongly/completely disagree.

Retention

46% employees in Seattle are at least somewhat-to-extremely likely to look for a new job in the next 12 months.

47% of employees say that improving their benefits package is one thing their employer could do to keep them in their job.

79% of employees at least somewhat agree that a well-communicated benefits program would make them less likely to leave their jobs.

Disconnects on Key Benefit Issues

Employers respond that:

Employees say:

61% of employers strongly/somewhat agree that “Our workers are taking full advantage of the benefits we offer.”

Only 9% employers named “educating our employees about health care reform” as the most important issue for their organization.

80% of workers at least somewhat agree “I believe my employer will educate me about changes to my healthcare coverage as a result of the health care reform.”

28% of employers named “having employees interested in applying for voluntary benefits options as a top challenge in offering voluntary benefits.

54% of workers would be at least somewhat likely to apply for voluntary benefits plans, if offered.

About the Aflac WorkForces Report

The 2013 Aflac WorkForces Report is the 3rd annual Aflac employee benefits study examining benefit trends and attitudes. The study, conducted by Research Now in January 2013, captures responses from 1,884 benefits decision-makers and 5,299 employees across the U.S. To learn more about the Aflac WorkForces Report, visit AflacWorkForcesReport.com

Coverage underwritten by American Family Life Assurance Company of Columbus. Group coverage underwritten by Continental American Insurance Company, which is not licensed to solicit business in Guam, Puerto Rico, or the Virgin Islands. For groups sitused in California, group coverage is underwritten by Continental American Life Insurance Company. For individual coverage in New York or coverage for groups sitused in New York, coverage is underwritten by American Family Life Assurance Company of New York.

†One Day PaySM available for most properly documented, individual claims submitted online through Aflac SmartClaim® by 3 PM ET. Aflac SmartClaim® not available on the following: Short Term Disability (excluding Accident and Sickness Riders), Life, Vision, Dental, Medicare Supplement, Long Term Care/Home Health Care, Aflac Plus Rider and Group policies. Aflac processes most other claims in about four days. Processing time is based on business days after all required documentation needed to render a decision is received & no further validation and / or research is required. Individual Company Statistic, 2015.